IFA guide on new continuing professional rules
The 42-page booklet sets out guidance for firms and individuals who need to fulfil the new regulatory requirements in relation to CPD, such as how to log evidence for audit purposes and measure CPD to be independently verified.
A spokesman for the CISI said: “While competence has always been a feature of the regulatory environment, the retail distribution review makes CPD content, measurement, monitoring and recording of learning outcomes a regulated matter.
“This is a strategic change for the industry and will be a steep learning curve for firms and individuals.”
The guide is divided into a section aimed specifically at individuals and another for firms.
In the section for advisers, it describes what IFAs need to do to get an annual Statement of Professional Standing from an accredited body and when the deadline for getting the SPS falls.
Advisers authorised as of 30 June 2009 must get their first SPS by 31 December 2012, but the CISI recommends in the guide that IFAs submit their SPS application by 31 October 2012 and warned the 60-day window to obtain an SPS after 31 December 2012 was treated as a safety net and should only be used where “absolutely necessary”.
Newly qualified advisers are not required to meet the prescribed number of CPD hours for their first SPS year.
However, the guidances says: “Advisers considering opting out of the RDR CPD requirements pre-31 December 2012 are strongly encouraged to check their firm’s own policy regarding this issue.”
The guide will be updated regularly and is available to download at www.cisi.org/cpdbooklet